587-unit, value-add, multifamily asset located in Spring Branch, a sub-market of Houston, Texas
Significant revenue generation potential through a proven unit enhancement program yielding a minimum $175 average per unit monthly premiums
Lease trade outs averaging 5.1% on the last 50 leases signed; Current rents per square foot are 13-22% below competitive set
Located in the dynamic Spring Branch submarket of Houston featuring strong fundamentals of 9% annualized rent growth, compared to Houston’s overall average of 6.9%
Supply constrained market with zero units currently under construction; demand outpacing supply with 688 units of net absorption last 12 months on only 405 units delivered
Home prices average $354,902 compared to Houston average of $231,326; median income levels have grown 29% over the last 10 years
Spring Branch Management District has budgeted $54mm from 2016-2030 for several public infrastructure projects with 61 active new single-family subdivisions featuring home prices up to $1 million
Adjacent to major West Houston economic hubs such as the Energy Corridor, CityCentre, Galleria, and Memorial City
